A team from the International Monetary Fund (IMF) has concluded its sixth review mission in Ghana. This mission assessed the country's progress under the IMF-supported Extended Credit Facility (ECF) programme.
Sources indicate Ghana made significant progress on several key programme targets and reforms. However, some issues remain unresolved at the end of the mission. The review focused on overall programme performance since the fifth review earlier this year. It examined whether delayed targets and structural reforms were completed or neared completion. This comprehensive assessment included Ghana's fiscal, monetary, and banking sectors.
This review fits into Ghana's broader economic recovery efforts since the 2022 economic crisis. The IMF programme, approved in May 2023, provides Ghana with access to Special Drawing Rights (SDR) 2.2419 billion, equivalent to about US$3 billion. Ghana's economic performance has been a focus, with prior reviews noting broad satisfaction despite some delays. The Bank of Ghana's reserves have reached record levels, strengthening the country's buffer against external shocks. The IMF projects Ghana's 2026 economic growth at 4.8%, exceeding Sub-Saharan Africa's forecast of 4.6%. Furthermore, inflation is projected to decline to 7.9% in 2026, remaining in single digits through 2027.
Finance Minister Dr. Cassiel Ato Forson highlighted major progress in his engagement with the IMF team. Dr. Forson stated that the partnership delivered “strong and measurable outcomes.” He noted the programme has stabilised the economy and restored credibility. He further added that the journey has been “long, demanding, but ultimately transformative.” The Minister anticipates that the next phase of the programme will focus on unlocking private-sector growth. He expects this will translate macroeconomic stability into tangible benefits for citizens.
Clarity on a Staff-Level Agreement is expected following the review. This agreement is crucial for the programme to proceed to the IMF Executive Board for approval in August 2026. Prior actions for Ghana to complete before Board approval may also be announced. These decisions will impact Ghana's access to further tranches of the US$3 billion facility. The market will closely watch for details on any remaining conditions or reforms. Sustaining economic recovery and improving living standards will depend on continued reform implementation. The final staff report is expected to commend Ghana's commitment to reforms despite global economic pressures.